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12/07/2017 EDAC Packet
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12/07/2017 EDAC Packet
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EDAC
EDAC Document Type
EDAC Packet
Meeting Date
12/07/2017
EDAC Meeting Type
Regular
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City of Lino Lakes, Minnesota <br />I. POLICY PURPOSE <br />The purpose of this policy is to establish the City of Lino Lakes' <br />position relating to the use of Tax Abatem inancial assistance <br />programs, for private development above and beyond the <br />requirements and limitations set forth by State Law. This policy <br />shall be used as a guide in the processing and review of <br />applications requesting tax increment financing or tax abatement <br />assistance. The fundamental purpose of Tov nho+omon+financial <br />assistance programs in the City of Lino Lakes is to encourage <br />desirable development or redevelopment that would not otherwise <br />occur but for the assistance provided_ through Tax nbatemeRt <br />The City of Lino Lakes is granted the power to utilize Tax <br />Increment Financing and Tax Abatement by the Minnesota Tax <br />b eRt AGt, as aR;eRdedStatute. It is the intent of the City to <br />provide the minimum amount of Tax A#ateici%-i4Rfinancial <br />assistance, as well as other incentives, at the shortest term <br />required for the project to proceed. The City reserves the right to <br />approve or reject projects on a case by case basis, taking into <br />consideration established policies, project criteria, and demand on <br />city services in relation to the potential benefits from the project. <br />Meeting policy criteria does not guarantee the award of Tax <br />"ha+;tfinancial assistance to the project. Approval or denial <br />of one project is not intended to set precedent for approval or <br />denial of another project. <br />II. DIFFERENCE BETWEEN TAX ABATEMENT & TAX <br />INCREMENT FINANCING <br />The primary difference between Tax Abatement and Tax <br />Increment Financing (TIF) is the way in which the dollars are <br />awarded to the project. When TIF is awarded to a project by the <br />city, the other political subdivisions (the school district and the <br />county) are required to contribute their portion of the increased <br />taxes to the project. Conversely, when Tax Abatement is <br />requested, each political subdivision has the option of granting its <br />portion of the increased taxes to the project. Subsequently, the <br />dollars generated for the project with Tax Abatement are generally <br />less than the dollars generated with TIF. <br />III. OBJECTIVES OF TAX ABATEMENTFINAN4GALFINANCIAL <br />ASSISfTANCE <br />As a matter of adopted policy, the City will consider using Tax <br />Increment or Tax Abatement to assist private development <br />projects to achieve one or more of the following objectives: <br />• To retain local jobs and/or increase the number and <br />diversity of jobs that offer stable employment and/or <br />attractive wages and benefits. <br />Financial Assistance Policy Page 1 <br />
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